Editorial: Gang of Six proposal to cut national deficit deserves consideration

Associated PressThis combination image from file photos shows the six-member bipartisan group of U.S. senators, referred to as the Gang of Six, who are closing in on what could represent the best chance for tackling a national deficit crisis. They are, clockwise from top left, Sen. Tom Coburn, R-Okla., Sen. Dick Durbin, D-Ill., Sen. Saxby Chambliss, R-Ga., Sen. Mark Warner, D-Va., Sen. Kent Conrad, D-N.D., and Sen. Mike Crapo, R-Idaho. (AP Photo/Files)

Wall Street likes it. President Obama likes it. Even House Majority Leader and deficit hawk Eric Cantor has a few encouraging words.

Although the plan contains provisions that definitely will not sit well with most Americans, it deserves the immediate and thoughtful attention of Congress. The Aug. 2 deadline for raising the federal debt ceiling is almost here, and as our favorite foe of big government, Snuffy Smith, used to say, “Time’s a wastin'."

Are we optimistic? No. Chances are that our dysfunctional lawmakers will drop this proposal down the same well they’ve tossed others. The Gang of Six’s proposal asks for across-the-board sacrifices, and sacrifice is not popular.

Republican members will have to persuade their colleagues that proposals to simplify the tax code from six to three rates and reduce tax breaks for mortgage interest and charitable contributions are not tax hikes in disguise.

The Democrats, meanwhile, will have to get their colleagues to accept that cuts to federal health care and Social Security cost-of-living increases don’t spell the end to the New Deal.

While we’re not convinced Congress has the stomach to fix the nation’s fiscal problems, failure to act could spark a crisis that our economy doesn’t need.

If lawmakers can’t deal seriously with the Gang of Six’s proposal, they should pass Senate Minority Leader Mitch McConnell’s proposal to give the president the authority to raise the debt limit subject to Congressional oversight. It’s a cynical political dodge, but it’s one Obama has said he can live with.

The alternative is a federal government default. The economic chaos that would provoke is something we don’t want to contemplate.